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PM Imran reconstitutes ECC, tasks Dr Abdul Hafeez Shaikh with running its affairs
Prime Minister Imran Khan has reconstituted the Economic Coordination Committee (ECC) of the Cabinet with Dr Abdul Hafeez Shaikh, his adviser on finance, revenue and economic affairs, appointed as the committee's chairman, it emerged on Friday.
A series of notifications were issued in this regard by the Cabinet Secretariat a day earlier, detailing the new composition of the committee's members, which will number 14 in total.
These include the ministers for communications; law and justice; maritime affairs; national food security and research; petroleum; power; planning, development and reform; privatisation; railways; poverty alleviation and social safety; and water resources. It will also include adviser to the prime minister on commerce, textile, industry, and production and investment; and adviser to the prime minister on institutional reforms and austerity.
It may be noted that the minister for poverty alleviation and social safety has not yet been appointed.
According to the notifications, the Cabinet Committee on Energy (CCoE), as well as the Cabinet Committee on Privatisation (CCoP) have also been reconstituted, with Dr Shaikh also leading these.
The CCoE shall consist of seven members, whereas the CCoP will have eight.
Cabinet reshuffle
A major cabinet reshuffle took place earlier this month which saw the stepping down of Asad Umar as minister for finance. Dr Abdul Hafeez Shaikh was then appointed the adviser on finance, tasked with assuming Umar's prior responsibilities.
Dr Abdul Hafeez Shaikh is an internationally renowned economist with more than 30 years of experience in economic policymaking, management and implementation.
He served as the finance minister from 2010 to 2013 during the PPP government's rule.
During his tenure as federal minister, Dr Shaikh completed 34 sale transactions worth Rs300 billion in banking, telecom, electricity, and manufacturing.
Comments (11) Closed
A positive initiative which should garner positive results...
Gordon D. Walker
Canada
Time to focus on internal development, not loans.Hopefully he will not runaway.
Private sector Solar, wind Power Plant agreements PPPa were blocked by ECC , these can improve the energy mix and may require furnace oil and diesel based generation to shut down. Consumer can get the required relief and IPPs and Petroleum companies surge in profits may decrease.
Let's hope new Finance Minister will be able to steer the economy out of crisis. It is understandable that new PTI government is taking its time to settle down. How long will it take to revamp economy. Situation of economy is much more complex as is understood by common man. Million dollar question is , can we overcome this crisis? Can the public has the patience to wait? How the government can proove that all the predictions made by the world economic organizations for the slow down of Pak economy will prove wrong? What are the positive indicators on which PTI government is banking? Every body thought PTI government has plan to revamp economy before coming into power. This was absolutely incorrect. Later removal of Asad Umar from the Position of FM prove this. It is my wish that PTI government surprise us all by revamping economy. How? That I don't know. I am common man not someone from government or from PTI
Dr Hafeez Shaikh is proven bailer out of crisis. But people must learn to cooperate and stick to austerity. Forget long drives, save fuel. Avoid nonessential imports, prefer domestic products. People well understand that financial deficiencies are due to over spending and bearing big projects without consideration the capacity available, and the corruption as component. A little seriousness with effort can resolve this artificial cosmetic problem. Pak has everything at home, we can live without imports .
He should find urgently a way dispose of PIA, steel mill and other loss making state companies.
It is not the quality of education with credible credentials we need. We need who takes care the poor not the poor state.
Why don't new governments employ technocrats from day one?
Mr.Imran Khan has chosen at a highly crucial juncture of World Cup of Pakistan Economics to save the Nation from any further problems.Dr.Abdul Hafeez Sheikh has an outstanding vast experience in the field of Economics.Wish him all the best on his new Assignment.
@NACParis, Besides Dr Hafeez may recommend easy trade with India with FTA and MFM, Pak can negotiate imports exports with India in local currencies.
We are missing competent talent in every field, I hope this new guy delivers.